RE:The good newsHi FLG,
The current batch of directors is only accountable to the Voting Trust who own only 27% of the equity in Torstar. I don't know of many public companies where you could destroy 98.5% of the shareholder value and not break a sweat.
Look at the tenure of the Voting Trust Board members. They have been on the Board for decades and have supported one bad decision after another. The non-Voting Trust Board members do nothing but nod their heads and collect their director fees. It isn't an accident they have a toothless, useless and complicit Board. It was by design by Honderich and his gang of cognitively impaired enablers.
What we have today is a classic case of corporate paralysis. The Voting Trust knows that Boynton, DeMarchi and the Oliver Brothers have driven the business into the ditch and have no idea on how to get it back on track.
Firing Boynton would force them to acknowledge they screwed up once again and Honderich is too proud and stupid to admit this reality. It would also force an embarrassing search for another stooge and no self-respecting search firm in the country would take the file regardless of the fee.
Finally, this Board does care about the share price because they have nothing personally invested in the company. Sure it hurt that you've blown your inheritance, but they can blame it on truly unfortunate circumstances outside your control. Delusional to be sure, but this has characterized the Voting Trust since the second generation took over. Not a moment of self-reflection. Just keep doubling down until they take you out feet first.
MW